San Diego-based Sempra Energy (NYSE:SRE) witnessed a 3% fall in share prices on Friday, following the announcement of its third-quarter financial results. The company reported a better-than-expected profit, with net income rising to $721 million ($1.14/share), a significant increase from $485 million (77 cents/share) during the same quarter last year. However, the company's revenue fell short of estimates, declining to $3.334 billion from $3.617 billion in the previous year and missing the consensus estimate of $3.680 billion.
Sempra also raised its full-year earnings per share (EPS) guidance range to $4.44-$4.74, expecting its adjusted EPS to be at the higher end of the $4.30-$4.60 range. The company's adjusted EPS for the third quarter was reported at $1.08, surpassing the FactSet consensus of $1.01.
The energy firm continues to back its 2024 guidance of $4.55-$4.90 and maintains a long-term growth rate of 6%-8%. Despite these optimistic projections, Sempra's stock has seen a 7% decrease year-to-date, underperforming when compared to the S&P 500's gain of 12%.
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